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UK Approves IoM QROPS

Wednesday, June 29, 2011

Pensions written under Isle of Man 50C pensions legislation are now appearing on the list of Qualifying Recognized Overseas Pension Schemes (QROPS) shown on the UK tax authority's website, following completion of a review by HM Revenue and Customs (HMRC). The announcement further strengthens the Isle of Man as a leading QROPS jurisdiction.

The Isle of Man has a long history of providing international pensions, and is now able to complete its suite of retirement solutions products aimed at the internationally mobile. With 23 registered pension providers, the Isle of Man has over 650 international schemes and a similar number of Isle of Man-based schemes, of which 170 appear on HMRC’s QROPS list.

According to the Association of Pension Scheme Providers, this experience, together with dedicated pensions legislation and a dedicated Pensions Regulator (the Insurance and Pensions Authority), and a thriving international life insurance sector means that the Isle of Man can expect to be at the forefront of retirement planning.

Welcoming the announcement, Stuart Clifford, the Chairman of the Association, commented: “With the flexibility of the island’s schemes, together with the long established regulatory system for pensions in the Isle of Man, we are now right at the top of the tree as a QROPS jurisdiction."

Minister for Economic Development, Allan Bell added: “The 50C legislation implemented last year was a great example of government and industry working together, and I am delighted that HMRC have concluded their review. The Isle of Man is already a centre of excellence for international retirement planning, and this gives a further boost to our already world-leading international pensions sector.”

QROPS are one of the financial planning techniques available to UK expats who have already moved or are planning to move overseas to retire. QROPS can provide investment flexibility and currency options for clients who live abroad (or are planning to relocate prior to retirement). They are an effective way to consolidate UK pension assets gathered throughout someone’s working life in the UK and provide flexibility to allow retirement planning to accommodate their new lifestyle overseas.

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The Report

Offshore Trusts Guide: Introduction

The History of Offshore Trusts
Development of Professional Competence in the Jurisdictions
What Future for the Trust?
The New Age of Transparency
The Swiss Association of Trust Companies
The Society of Trusts and Estates Practitioners

Offshore Trusts Guide: Jurisdictions

Bahamas

Bahamas: Legal Framework and Formation Rules and Fees
Bahamas: 2006 Private Trust Companies Legislation

Barbados

Barbados: Legal Framework and Formation Rules and Fees
Barbados: Supervisory and Licensing Regime and Fees

Bermuda

Bermuda: Legal Framework and Formation Rules and Fees
Bermuda: Supervisory and Licensing Regime and Fees

British Virgin Islands

British Virgin Islands: Legal Framework and Formation Rules and Fees
British Virgin Islands: Special Trusts Act 2003
British Virgin Islands: The Trustee Act 2003
British Virgin Islands: :Supervisory and Licensing Regime and Fees
British Virgin Islands: New Laws on Private Trust Companies
British Virgin Islands: New Private Trust Company Regulations

Cayman Islands

Cayman Islands: Legal Framework and Formation Rules and Fees
Cayman Islands: Supervisory and Licensing Regime and Fees

Cook Islands

Cook Islands: Legal Framework and Formation Rules and Fees
Cook Islands: Supervisory and Licensing Regime and Fees

Cyprus

Cyprus: Legal Framework and Formation Rules and Fees
Cyprus: Supervision, Licensing and Tax

Gibraltar

Gibraltar: Legal Framework and Formation Rules and Fees
Gibraltar: Legislation, Regulation and Supervision

Guernsey

Guernsey: Legal Framework and Formation Rules and Fees
Guernsey: Trusts Law 2007

Isle of Man

Isle of Man: Legal Framework and Formation Rules and Fees
Isle of Man: Supervisory and Licensing Regime
Isle of Man: Uses Clients and Tax Treatment

Jersey

Jersey: Legal Framework and Formation Rules and Fees
Jersey: Supervisory and Licensing Regime
Jersey: Trusts Amendment Act 2006
Jersey: Foundations

Liechtenstein

Liechtenstein: Legal Framework and Formation Rules and Fees
Liechtenstein: Regulation Supervision and Transparency
Liechtenstein: Characteristics of Liechtenstein Trusts
Liechtenstein: Foundations

Madeira

Madeira: Legal Framework and Formation Rules and Fees

Malta

Malta: Legal Framework and Formation Rules and Fees
Malta: The Trust and Trustees Act 2004

Mauritius

Mauritius: Legal Framework and Formation Rules and Fees
Mauritius: Characteristics of the 2001 Trusts Act
Mauritius: Additional Provisions of the 2001 Trusts Act
Mauritius: Tax Treatment

Monaco

Monaco: Legal Framework and Formation Rules and Fees

Nevis

Nevis: Legal Framework and Formation Rules and Fees

Panama

Panama: Legal Framework and Formation Rules and Fees
Panama: Requirements for Acting as Trust Company in Panama

Seychelles

Seychelles: Legal Framework and Formation Rules and Fees

Turks & Caicos

Turks & Caicos: Legal Framework and Formation Rules and Fees
Turks & Caicos: The Voidable Dispositions Ordinance

Vanuatu

Vanuatu Legal Framework and Formation Rules and Fees




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