QROPS Antigua and Barbuda Pension Tax Relief
British expats living abroad and who want to retire in Antigua and Barbuda can now transfer their pension into a QROPS Antigua and Barbuda to maximize pension tax relief. UK expats living in Antigua and Barbuda can take advantage of their offshore status and transfer their UK pension offshore to somewhere secure like Gibraltar and will no longer have to pay UK taxes on their pension if they stay offshore.
Anyone born in Antigua and Barbuda who has worked in the UK can also transfer their pensions offshore to avoid UK taxes.
QROPS Antigua and Barbuda. Transferring Your UK Pension Offshore
What are the benefits of a QROPS Antigua and Barbuda pension transfer?
• Avoids UK income tax
• Avoids UK dividends tax
• Avoids UK capital gains tax
• Avoids UK inheritance tax
• Has the ability to make higher returns with freedom of investment
• Protection: if anything happens to you, your nearest and dearest gets the entire pension pot
• Security: Gibraltar has its own strong pension regulations, but is outside the UK tax net.
What is a QROPS Antigua and Barbuda?
A Qualifying Recognized Overseas Pension Scheme (QROPS Antigua and Barbuda) 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 10 years of living offshore, the reporting requirements to HMRC cease.
Antigua and Barbuda, which is Spanish for ‘ancient’ and ‘bearded’ is a twin-island nation lying between the Caribbean Sea and the Atlantic Ocean. It consists of two major inhabited islands, Antigua and Barbuda, and a number of smaller islands (including Great Bird, Green, Guinea, Long, Maiden and York Islands and further south, the island of Redonda). The permanent population number approximately 85,000 (2010) and the capital and largest port is St. John’s, on Antigua.
Separated by a few nautical miles, Antigua and Barbuda are in the middle of the Leeward Islands, part of the Lesser Antilles. The country is nicknamed ‘Land of 365 Beaches’ due to the many beaches surrounding the islands. Its governance, language and culture have all been strongly influenced by The British Empire, which the country was formerly part of. British expats can now to transfer to a QROPS Antigua and Barbuda to avoid UK taxes.
What is the economy like in Antigua and Barbuda?
Tourism accounts for nearly 60% of GDP in Antigua and Barbuda‘s economy, making up 40% of investment. The dual-island nation’s agricultural production is focused on the domestic market and constrained by a limited water supply and a labor shortage stemming from the lure of higher wages in tourism and construction. Manufacturing comprises enclave-type assembly for export with major products being bedding, handicrafts, and electronic components. Prospects for economic growth in the medium term will continue to depend on tourist arrivals from the US, Canada, and Europe and potential damages from natural disasters.
Antigua and Barbuda‘s service-based economy contracted by 4.1% in 2010, experiencing its third consecutive year of decline. The Antiguan economy experienced solid growth from 2003 to 2007, reaching over 12% in 2006. Growth was driven by a construction boom in hotels and housing associated with the Cricket World Cup, but it dropped off in 2008 with the end of the boom. In 2009, Antigua was severely hit by the global economic crisis, suffering from the collapse of its largest financial institution and a steep drop in tourism. The economic decline continued in 2010 as the country struggled with a large deficit.
The currency is the Eastern Carribbean Dollar. It has been pegged to the United States dollar since 1976 and the exchange rate is US$1 = EC$2.70. You can transfer to a QROPS Antigua and Barbuda into USD or keep in GBP; it is your choice. Furthermore a QROPS Antigua and Barbuda avoids UK taxes on your QROPS pension transfer.
Main industries include cotton, sugar, vegetables, livestock, fishing, construction and clothing. Apart from tourism, financial services (Antigua and Barbuda is an attractive offshore juridiction) and duty-free shops bring in a major part of revenues.
If you are living in Antigua and Barbuda at the moment, you can take advantage of your offshore address in order to move your UK pension into a QROPS Antigua and Barbuda to avoid further UK taxes down the line. A QROPS Antugua and Barbuda is the perfect vehicle to avoid UK taxes if you are considering living or retiring abroad.
Tax on a QROPS in Antigua and Barbuda
What Income Tax Would I Pay in Antgua and Barbuda on My QROPS?
The personal allowance (the amount before you start paying tax is $3000 per month ($36,000 p.a.). However, pensions come under an exclusion clause which allows up to $5,000 per month ($60,000 p.a.) without any income tax being taken. The tax is then 10% on $48,000 – $60,000; 15% until your income hits $120,000 per year; 20% until $180,000 p.a. and 25% on amounts above $180,000.
You can find more from the QROPS Antigua and Barbuda Pension Transfer for British Expatsby Richard Malpass