QROPS Belgium. British Expats in Belgium
British expatriates living in Belgium or wishing to retire in Belgium can now transfer their pension into a QROPS Belgium to avoid paying taxes. British expats living or working in Belgium can take advantage of their offshore status and transfer their UK pension offshore to somewhere secure like Malta, a former British colony and will no longer have to pay UK taxes on their pension if they stay offshore.
Belgium’s two largest regions are the Dutch-speaking region of Flanders in the north and the French-speaking southern region of Wallonia. The Brussels-Capital Region, officially bilingual, is a mostly French-speaking enclave within the Flemish Region. A small German-speaking Community exists in eastern Wallonia. Belgium’s linguistic diversity and related political and cultural conflicts are reflected in the political history and a complex system of government.
Why live or retire in Belgium as a British expat?
Around 30,000 Brits live in Belgium. It is a founding member of the European Union and hosts the EU’s headquarters, as well as those of several other major international organisations such as NATO. Belgium covers an area of 11,787 square miles and it has a population of about 11 million people. Straddling the cultural boundary between Germanic and Latin Europe, Belgium is home to two main linguistic groups, the Dutch-speakers, mostly Flemish, and the French-speakers, mostly Walloons, plus a small group of German-speakers.
Belgium has three main geographical regions: the coastal plain in the north-west and the central plateau both belong to the Anglo-Belgian Basin; the Ardennes uplands in the south-east are part of the Hercynian orogenic belt. The Paris Basin reaches a small fourth area at Belgium’s southernmost tip, Belgian Lorraine. The coastal plain consists mainly of sand dunes and polders. Further inland lies a smooth, slowly rising landscape irrigated by numerous waterways, with fertile valleys and the northeastern sandy plain of the Campine (Kempen). The thickly forested hills and plateaus of the Ardennes are more rugged and rocky with caves and small gorges.
Roman Catholicism has traditionally been Belgium’s majority religion; being especially strong in Flanders. However, by 2009 Sunday church attendance was 5 % for Belgium in total. Folklore plays a major role in Belgium’s cultural life: the country has a comparatively high number of processions, cavalcades, parades, ‘ommegangs’ and ‘ducasses’, ‘kermesse’ and other local festivals, nearly always with an originally religious or mythological background.
Belgium is known for its beer, chocolate, waffles and french fries. Contrary to their name, french fries also come from Belgium. The national dishes are “steak and fries with salad”, and “mussels with fries”.
QROPS Belgium. How to legally avoid taxes for British Expats in Belgium
What are the benefits of a QROPS Belgium Pension Transfer for British expatriates?
• Avoid UK income taxes of up to 50% on your pension income
• Avoid UK dividends tax
• Avoid UK capital gains tax (CGT)
• Avoid UK tax upon death of 55% when drawing benefits
• Currency choice. You can choose to have your pension transferred to a QROPS denominated in USD, EUR or keep it in GBP
• Have the ability to make higher returns with freedom of investment
• Family Protection: Upon death, the entire pension pot gets passed on to your nearest and dearest
• Security: The pension is held in a secure jurisdiction such as Malta, but has its own strong financial regulations which are tax efficient
What is QROPS Belgium?
A Qualifying Recognized Overseas Pension Scheme (QROPS Belgium) allows your UK pension to be transferred offshore to reduce your tax burden. Effectively, you will no longer pay UK tax on your pension whilst you are offshore and after 5 years of living offshore, the reporting requirements to HMRC cease.
If you are living in Belgium at the moment, you can take advantage of your offshore address in order to move your UK pension into a QROPS to avoid further UK taxes down the line. A QROPS is the perfect vehicle to avoid UK taxes if you are considering living or retiring abroad.
What is the Belgian economy like?
Belgium’s strongly globalized economy and its transportation infrastructure are integrated with the rest of Europe. Its location at the heart of a highly industrialized region helped make it the world’s 15th largest trading nation in 2007. The economy is characterized by a highly productive work force, high GNP and high exports per capita. Belgium’s main imports are raw materials, machinery and equipment, chemicals, raw diamonds, pharmaceuticals, foodstuffs, transportation equipment, oil products. Its main exports are machinery and equipment, chemicals, finished diamonds, metals and metal products, foodstuffs.
The Belgian economy is heavily service-oriented and shows a dual nature: a dynamic Flemish economy and a Walloon economy that lags behind.
GDP growth rate is estimated at only 1.7% for 2011 and the economy is made up of agriculture: 0.6%, industry: 22% and services: 77.4%.
QROPS Belgium. How to avoid inheritance tax for British expats in Belgium
Do I need to move my pension to Belgium?
No. Your pension can be transferred to a secure jurisdiction such as the Malta where it will be out of the UK tax system and your pension will be paid gross and grow tax free.
Do I need to live and retire in Belgium?
No, you can live anywhere offshore. As long as you are outside the UK, your QROPS will grow free of UK tax. If you ever return to live permanently in the UK, your pension will simply return to UK Self Invested Pension Plan (SIPP) rules.
For enquiries, please send email to firstname.lastname@example.org
Avoid paying taxes for British expatriates in Belgium, QROPS Belgium article written by QROPS Specialists.