QROPS Falkland Islands. Pension Tax Relief
British expats living in the Falkland Islands or wishing to retire in the Falkland Islands can now transfer their pension into a QROPS Falkland Islands to maximize pension tax relief. British expats living or working in the Falkland Islands can take advantage of their offshore status and transfer their UK pension offshore to somewhere secure like the Gibraltar and will no longer have to pay UK taxes on their pension if they stay offshore.
Why live or retire in the Falklands as a British expat?
The Falkland Islands are an archipelago in the South Atlantic Ocean, located about 250 nautical miles from the coast of mainland South America. The archipelago, consisting of East Falkland, West Falkland and 776 lesser islands, is a self-governing British Overseas Territory. The capital, Stanley, is on East Falkland.
Ever since the re-establishment of British rule in 1833, Argentina has claimed sovereignty. In pursuit of this claim, which is rejected by the islanders, Argentina invaded the Falkland Islands in 1982. This precipitated the two-month-long undeclared Falklands War between Argentina and the United Kingdom and resulted in the defeat and withdrawal of the Argentine forces. It is currently on the United Nations list of Non-Self-Governing Territories. Since the war, there has been strong economic growth in both fisheries and tourism.
QROPS Falkland Islands. The Benefits of a UK Pension Transfer
What are the benefits of a QROPS Transfer for British expats in the Falkland Islands?
• 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 Guernsey or the Isle of Man which is under the protection of the British Crown, but has its own strong financial regulations which are tax efficient
The Falkland Islands use the Falkland pound, which circulate interchangeably with the pound sterling. Falkland notes and coins are produced in the United Kingdom; coins are identical in size to the United Kingdom currency but with local designs on the reverse. The Falkland Islands also issue their own stamps. Both the coins and stamps are a source of revenue from overseas collectors.
Farmland accounts for 1,123,985 ha (4,339.73 sq mi), more than 90% of the Falklands land area. Since 1984, efforts to diversify the economy have made fishing the largest part of the economy and brought increasing income from tourism. Sheep farming was formerly the main source of income for the islands and still plays an important part with high quality wool exports going to the UK. According to the Falklands Government Statistics there are over 500,000 sheep on the islands with roughly 60% on East Falkland and 40% on West Falkland.
A 1995 agreement between the UK and Argentina had set the terms for exploitation of offshore resources including oil reserves as geological surveys had shown there might be up to 60 billion barrels (9.5 billion cubic metres) of oil under the sea bed surrounding the islands. However, in 2007 Argentina unilaterally withdrew from the agreement.
If you are living offshore now in the Falklands Islands, you can take advantage of your offshore address to transfer your pension to a QROPS Falklands Islands. A QROPS Falkland Islands will allow you to avoid UK taxes on your pension.
What is a QROPS Falkland Islands?
A QROPS Falkland Islands Pension Transfer for British Expats to Avoid Taxes