Some Facts about QROPS Dubai

Some Facts about QROPS Dubai

Some Facts about QROPS Dubai

There are several aspects that make Dubai a desired destination for those who want to have a comfy and cozy retired life. One of them is undoubtedly the tax free environment of that country, which helps retired people to lead a luxurious and care free life. Nowadays, many retired British expatriates wish to spend their retired lives in Dubai and they avail of the QROPS. If you are considering QROPS Dubai, here are some facts to look at.

QROPS or Qualifying Recognized Overseas Pension Schemes are pension plans that are endorsed by the Her Majesty's Customs and Revenue (HMRC). These pension schemes allow non resident British people to move their pension funds out of the UK to an approved foreign country. One of the main benefits of QROPS Dubai is that it offers tax-free investment benefits.

It should be noted that QROPS are not available to all retired UK expats. They are not applicable to UK state pension funds. There are some basic requirements that you must meet in order to transfer your pension funds from UK to QROPS Dubai or any other foreign QROPS. You can apply for a pension transfer through QROPS if you are a non-resident of UK for more than 5 years or you are planning to leave UK permanently. You should also be between the ages of 18 and 75. Remember that you are not eligible to apply for QROPS if you are a tax resident of UK or have an annuity on your pension. QROPS are also open to the citizens of other countries who have worked in UK and are recipients of UK private pension funds.

If you want to transfer your UK pension funds to QROPS Dubai, it is advisable to get the help of a qualified QROPS adviser to assist you in the transfers. Transferring pension funds from UK to another foreign country is not an easy process. It is typically an extensive one and involves many formalities and legal procedures. Moreover, the HMRC's approved list shows a number of various types of QROPS and you may find it very difficult to choose the right scheme.

A QROPS adviser is a professional who can help you to decide which of the QROPS is best for you. The services of an experienced adviser can be useful in many ways. However, you should be very careful while selecting an advisor.

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