Skip to content

Qualifying Recognised Overseas Pension.

Home Living In Crete Pensions and #Retirement Living Qualifying Recognised Overseas Pension.

Viewing 6 posts - 1 through 6 (of 6 total)
  
  • Author
    Posts
  • #28948
    BrianS
        • Topics: 1
        • Replies: 1
        • Total: 2
        • BIC 2.0 Newbie
        Member since: 13th February 2011

        Hi,
        Having recently moved to Crete I need to sort out a private pension which I have not at present started to arrange.
        I’ve seen a system called QROPS and wonder if anyone has taken advantage of this scheme and would be prepared to avail me of their knowledge.
        Thankyou in anticipation.

        Compare hotel prices and find the best deal - HotelsCombined.com
        BullionVault

        #29250
        charlene
            • Topics: 1
            • Replies: 4
            • Total: 5
            • A True BIC'er
            • ★★
            Member since: 3rd January 2011

            Hi, I live in crete but work for a company based in athens that do QROPS.
            It would be an advantage for you to do a QROPS as:

            You will never have to but an annuity
            If you have several pensions you can collate them
            You can pass your remaining pension pot to your loved ones
            You have investment freedom
            You move out of the UK tax system.

            If you want to contact me for more information just write me an email charlieguk@hotmail.com. The manager of Athens also comes over once a month to meet his clients if you would like me to arrange a time for you to get any advice from him.

            Charlene

            #29466
            Kephalian
            Participant
                • Topics: 4
                • Replies: 87
                • Total: 91
                • BIC Old Hand
                • ★★★★
                Member since: 17th September 2006

                The FT has extensively covered the pros and cons of QROPS during the last 2 years. One of its most recent article is at:
                http://www.ft.com/cms/s/0/9e840472-f323-11df-9514-00144feab49a.html#axzz1HGkyYZYW

                Don’t forget you need to have lived outside the UK for 5 years to take advantage of QROPS.

                #29618
                charlene
                    • Topics: 1
                    • Replies: 4
                    • Total: 5
                    • A True BIC'er
                    • ★★
                    Member since: 3rd January 2011

                    Everybody seems to think that you have to have lived overseas for 5 years but you dont have to. You can do it if its your first year here as long as you are have the intention to stay here for 5 years. :)

                    #29736
                    anne-marie
                        • Topics: 60
                        • Replies: 218
                        • Total: 278
                        • Practcally Cretan
                        • ★★★★★★
                        Member since: 18th October 2009

                        Hi Charlene. I have never heard of Qrops. Have lived here over 20 years and would really like to have a chat with you and find out some more info. It would take me forever to write every-thing down and confusing too so please could you let me have your phone number, preferably a land line. Many thanks.

                        #29829
                        Kephalian
                        Participant
                            • Topics: 4
                            • Replies: 87
                            • Total: 91
                            • BIC Old Hand
                            • ★★★★
                            Member since: 17th September 2006

                            Five Year Rule
                            The Five Year Rule is an important aspect of QROPS and needs careful consideration. The rule relates to the period of non-UK residency.
                            I agree with charlene about the five year period but the warning is still there. It was one of the reasons I opted not take up the QROPS option. I have friends who have gone the QROPS route (New Zealand) and they say no problems. Only one – in Spain, had serious difficulties (probably bad advice).

                            From the HMRC site:

                            Where a policyholder has been a non-UK resident for less than five full UK tax years, the QROPS provider must report to HMRC all payments made to the policyholder and the QROPS must act as if it is still a UK scheme.

                            After five full and complete UK tax years, the QROPS provider has no liability or requirement to send reports to HMRC and the QROPS then acts on the rules of the jurisdiction in which it operates.

                          Viewing 6 posts - 1 through 6 (of 6 total)
                          • You must be logged in to reply to this topic.
                          Scroll To Top