Enjoying Your Retirement through QROPS Spain
QROPS Spain – The beautiful country of Spain has played host to thousands of UK expatriates and retirees. The numbers indicate that there are approximately 70,000 UK nationals who have decided to live out the rest of their lives in this country and this has provided a golden opportunity for QROPS Spain providers. QROPS is the Qualifying Recognised Pension Schemes. It is an option given to UK nationals planning to reside in another country for at least 5 years, to set up their pension fund in the country where they will move to. This pension system was established in 2006 and is operated under the governance of Her Majesty’s Revenue and Customs agency.
QROPS Spain has been around since the overseas pension scheme was introduced. UK pensioners planning to move to Spain are encouraged to consider this scheme as it has the potential of saving them a sizeable sum of money. It can also give them more financial freedom with a wide variety of investment options that can yield very good results. Retirement planning is one of the most significant preparations any pensioner has to make in order to secure their own lives in their advanced years especially if they do decide to take up residence in a foreign country such as Spain.
Spain QROPS has become very popular as it presents multitude benefits for pensioners given the world economic situation. Setting up a Spain QROPS with the right planning and care can take care of you later years. The European Union has witnessed one of the most erratic currency swings hitting non-Euro and non-Spanish denominated fund pensioners residing in Spain to a level that they are feeling the dent on their personal finances.
In setting up a QROPS Spain pensioners are able maintain their funds in Euros taking out the impact of the disparity between the British pound sterling and the Euro out of the equation. British pensions have always been under the jurisdiction of Great Britain but with a QROPS, their pensions will be subject to Spanish jurisdiction and the UK rules in terms of restrictions and taxation will not apply to your QROPS.
Features of QROPS Spain
Another feature of a QROPS Spain is that you get to draw out a lump sum of more than 30 percent of the value of your entire fund in order to invest it in something that will grow the fund and improve your personal financial position. Under a QROPS pensioners have more freedom to select the type of investment they may want to put their money on. Upon a pensioner’s the QROPS Spain fund is transferred to the legal heirs of the pensioner tax free.
The HMRC strongly recommends that pensioners consult a fully accredited QROPS Spain provider who can establish the fund while fully adhering to the guidelines of the agency. A qualified QROPS adviser or provider can assess your pension fund and formulate a structure that will yield great returns while protecting your life-long savings and ensuring you have a comfortable and financially stable life in your retirement years. Contact us for more information on QROPS Spain