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We're often asked by our customers [http://www.squidoo.com/qrops-benefits2 “What are QROPS?”]. They're a UK HMRC recognized scheme used for individuals who hold a UK pension and are planning on moving abroad. The QROPS, or Qualifying Registered Overseas Pension Scheme, is really a system whereby any person moves their pension offshore into a scheme that features a range of financial benefits and offer bigger control to the individual.
The primary primary advantages of QROPS involve;

Ability to take control of your pension in a more tax efficient way
Lower running fees
More significant Investment Opportunities
Currency volatility is removed

The principal potential problems of QROPS;

An existing HMRC permitted [http://qrops-benefits.weebly.com QROPS scheme] can be removed off the recognized list without warning if the HMRC thinks that it does not meet the criteria laid down in UK laws. When it comes to Guernsey, 310 out of a total of 313 schemes ended up taken out in April.

There is the potential that HMRC could very well react retroactively towards QROPS schemes which it has de-registered and the pension holder may just be held liable for taxes avoided. However this up to now has not occurred.
HOW QROPS WORK?

QROPS are registered with HMRC for you if you hold a UK pension fund and are wanting to shift abroad and become exempt from UK taxes and regulations.

The agency that operates the QROPS scheme needs to be authorised by HMRC and must be experienced and taxed inside country which it is operated from.When you have been a UK non-resident more than Ten years after setting up of your QROPS, which you should be able to prove. Your QROPS Scheme is able to stop notifying HMRC of your withdrawals from your scheme and will no longer be subject to UK pension laws.After the Ten year transition period have been completed you may then only be liable to the financial authorities where you are domiciled and where your QROPS Scheme is located.

How to transfer your QROPS?

As a rule of thumb it should take around 2-3 months to transfer your pension plan into a QROPS. The operation is speeded up if you can in-cash your type of pension into cash. This is not necessary to do. One can find over almost 1000 HMRC authorized QROPS Schemes, so there should be a scheme which can meet your requirements.

Schemes are based from New zealand and australia to Malta and Gibraltar. It’s important to note that your QROPS does not need take place in the same country that you are domiciled. However there might be taxation complications which you might have to take into account with holding it in another country.

 After i die what takes place with my QROPS?

All funds that are left in your QROPS when you die will be handed onto your beneficiary’s and fortunately are not subject to [http://qropstransfer.yolasite.com British inheritance taxes].

Vital when establishing a QROPS is that you take professional advice. There are many situations a QROPS isn’t suitable, and plenty of times when they are.