QROPS Spain – The Options

If you have a UK pension and intend to move or retire to Spain and remain there for 10 years or more you should consider a QROPS transfer.

Currently there are a few QROPS schemes based in Spain, but it may benefit you more in moving your UK pension fund to a QROPS in a neutral jurisdiction, such as Guernsey or Malta. 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 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

Note: For pension holders planning to live in Spain and transfer their fund into an Isle of Man QROPS scheme the Isle of Man is not a good place for your QROPS as it does not have a double taxation treaty with Spain. Therefore tax incurred in the Isle of Man cannot be offset in Spain or claimed back.

We recommend that you speak to a qualified financial advisor to make sure you minimise your tax exposure.

QROPS Spain – The Next Steps:

For more information and advice on transferring your pension when you live in Spain please click here or complete the form below.