The Gaines - Cooper case highlights the need for special expertise in migration financial advice
Many financial advisers may not have recognised how significant Qualifying Recognised Overseas Pension Schemes (QROPS) have become as part of their financial planning processes. With more and more British Residents becoming expats, those who ignore offshore options do so at their peril. Montfort International’s specialist QROPS arm, Offshore QROPS, recommends advisers and those contemplating a QROPS (wherever they are based in the world) to heed the recent collapse of the Robert Gaines -Cooper UK residency case and his subsequent huge UK tax liability.
If you are moving, have moved or could move to a different country then specialist advice is required. Montfort International has been helping migrants for over 15 years. Sometimes the need to change domicile to simplify tax affairs means insufficient time is spent on ensuring non-UK tax residency. With many expats still with UK pension contracts (whether defined benefits, defined contribution schemes or personal contracts) an offshore QROPS solution may be in their best interests regardless of UK residency or domicile.
Detaching yourself from UK domicile is a must, especially if you have pension assets in the UK, but where do you go for advice?
Your UK IFA would normally head for the major pension providers or life offices - hardly a good choice. They are unlikely to be interested in providing a technical service that will result in haemorrhaging the funds under their management.
Some UK IFAs do offer specialist technical advice, but what do they know about international taxation and visas? So where do you get advice on offshore QROPS? We believe the advice offering at Montfort International stands head and shoulders over others. Montfort has 15 years experience in the field of international pension transfers. If QROPS history is your yardstick then others have less than four years!
Montfort International has QROPS solutions that mean you not only do not need to purchase a life annuity after the age of 75, but can avoid high levels of taxation on fund balances (created by alternatively secured pensions) on death of a scheme member.
Clearly the Gaines - Cooper case means financial planners need to brush up on their international tax expertise. Montfort International already has it, so call 0(044)1483 202072 now or email info@miplc.co.uk.
If you are moving, have moved or could move to a different country then specialist advice is required. Montfort International has been helping migrants for over 15 years. Sometimes the need to change domicile to simplify tax affairs means insufficient time is spent on ensuring non-UK tax residency. With many expats still with UK pension contracts (whether defined benefits, defined contribution schemes or personal contracts) an offshore QROPS solution may be in their best interests regardless of UK residency or domicile.
Detaching yourself from UK domicile is a must, especially if you have pension assets in the UK, but where do you go for advice?
Your UK IFA would normally head for the major pension providers or life offices - hardly a good choice. They are unlikely to be interested in providing a technical service that will result in haemorrhaging the funds under their management.
Some UK IFAs do offer specialist technical advice, but what do they know about international taxation and visas? So where do you get advice on offshore QROPS? We believe the advice offering at Montfort International stands head and shoulders over others. Montfort has 15 years experience in the field of international pension transfers. If QROPS history is your yardstick then others have less than four years!
Montfort International has QROPS solutions that mean you not only do not need to purchase a life annuity after the age of 75, but can avoid high levels of taxation on fund balances (created by alternatively secured pensions) on death of a scheme member.
Clearly the Gaines - Cooper case means financial planners need to brush up on their international tax expertise. Montfort International already has it, so call 0(044)1483 202072 now or email info@miplc.co.uk.
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