With the new decade marking the departure of the UK from the European Union, careful pension planning for British expats has never been more crucial.
The Chase Buchanan FREE SIPPs vs ROPS Guide runs through these popular forms of overseas pension schemes and highlights the differences between the two.
Each scheme will offers different advantages so it is important to seek professional support when selecting the right product for your specific circumstances while providing you with an income stream and investment security.
Pension transfers come in a variety of forms, the best option for you will depend on the pension products you already hold, when you plan to retire, and what your retirement plans need you to budget for.
Our complimentary Guide explores two core pension products:
- SIPPs – Self Invested Personal Pensions.
- ROPS – Recognised Overseas Pension Schemes.
If you are in any doubt as to what benefits each of these schemes offers, why they are critical to overseas UK nationals seeking retirement security, or what rules surround international pension fund transfers, download your copy today.
There are lots of things to consider when deciding on the right retirement strategy and they will influence what type of pension structure we would recommend, and why.
A pension review is key to your retirement comfort, as is selecting the right product. Your decision will impact:
- How much cash you can transfer from your retirement fund – and at what tax rate.
- Whether there are guarantees in place as to the minimum pension income you can expect.
- How exposed your pension funds are to risk, and whether that matches your risk exposure appetite.
- Where you live now, when you plan to retire, and whether that impacts the value of your existing pension products.
- What your objectives are for the future, and what financial stability you require from your pension schemes.
Pensions are diverse and the transfer rules between UK pension schemes and overseas schemes will determine the ideal option.
Once the UK’s departure from the EU is complete, there is potential that a new Overseas Transfer Charge will be introduced into British tax legislation. This change will have a significant impact on the best way to manage your retirement funds as an expat living abroad.
We recommend downloading your free SIPPs vs ROPs Guide, to learn about the pros and cons of each. Seeking professional guidance from an experienced expat retirement adviser will make sure your future is safely prepared for.
Retirement is a time of life that you should be able to look forward to and reap the rewards for years of hard work. To achieve that, planning will pay dividends in safeguarding your retirement wealth and protecting the value of your assets.
About Chase Buchanan
As a wealth management expert with years of global experience, Chase Buchanan works with clients around the world in stabilising pension income streams and recommending the most tax-efficient products for UK expats in their retirement.
With our offices in France, Cyprus, Spain, Portugal, Canada, Belgium, the USA, the Isle of Man and our Administration Centre in the UK, we have local on the ground knowledge about the tax legislation throughout Europe, and beyond, allowing us to offer bespoke advice to best suit your retirement aspirations.
In a time when regulations are changing fast, it is more vital than ever to seek professional support with planning for overseas pension income.
While some European pension rules are still to be clarified, moving quickly may prove advantageous in avoiding future legislation that may be less tax-efficient than current product transfers available.
Download the Chase Buchanan SIPPs vs ROPS Guide today for more information, or contact your local office to schedule a private consultation.
SIPPs v QROPS
Trusted advice made simple
With a unique blend of geography, cultures, and an outstanding quality of living, Belgium remains one of the most appealing destinations for families, professionals, and retirees alike.
Cyprus is a multi-faceted country, offering one of the finest climates in the Mediterranean as well as multiple employment opportunities, a safe and relaxed culture popular with families, and a peaceful way of life for retirees.
France remains one of the most popular countries of choice, with UK nationals seeking to relocate or retire abroad.
Portugal offers many benefits to UK citizens looking for a new life experience, employment opportunities, warmer retirement climes or a new culture to enjoy.
As more UK nationals look overseas for lucrative work opportunities and a relaxed retirement, Spain remains one of the most popular destinations. The scenery, climate, and pace of life are all compelling reasons to relocate.
Hundreds of thousands of British nationals enjoy life overseas, and it is essential to understand how your residency status will affect your tax liabilities over the long term.
From January 2021, the UK became an independent nation and is no longer part of the EU. British nationals living in France continue to cope with concerns amid much uncertainty about what the future will hold, with prospective expats unclear about what may have changed.
While the UK has not been part of the EU since early 2021, many expats still feel a great deal of uncertainty about whether the prospect of relocating abroad remains viable and how their residency or tax position may change in the future.
For the millions of UK nationals living, working and studying in Spain, the UK’s departure from the EU in early 2021 gave rise to uncertainty and concern about how their position may change in terms of residency, taxation, and the right to relocate.
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