British expats living in Singapore or wishing to retire in Singapore can now transfer their pension into a QROPS Singapore to maximize pension tax relief. British expats living or working in Singapore can take advantage of their offshore status and transfer their UK pension offshore to somewhere secure like Malta which was a former British Colony for 165 years. British expats living in Singapore will no longer have to pay UK taxes on their pension as long as they stay offshore.
Singaporeans who have worked in the UK or worked for a British company and built up a substantial UK pension can also transfer offshore to a QROPS Singapore to avoid the 55% tax upon death and UK income taxes of up to 50%.
Why live or retire in Singapore as a British expat?
More than 56,000 Brits live and work in Singapore. Singapore has a strong financial sector and expat community. It’s strict rules and laws mean that it is a very safe place for families whilst you can still enjoy yourself after work. Singapore is a former British territory and the world’s 4th leading financial centre. Its port is one of the five busiest ports in the world. The economy heavily depends on the industry and service sectors.
For Brits living in Singapore, you can take advantage of your offshore address to reduce UK tax on your pension as well as protect your wife and children from high taxation should anything happen to you.
Panthera QROPS Singapore
There had been widespread mis-selling of QROPS in Singapore by Singapore based financial advisers, which led to QROPS in Singapore being closed down.
This was due to local financial advisers selling the QROPS and then allowing 100% withdrawal from the pension as a lump sum. This is against the spirit of HMRC’s law governing QROPS, which are supposed to provide you with an income for life.
Since then, HMRC has had a clampdown across the industry and QROPS now have a much more defined legislation which has strengthened the industry with increased reporting requirements and more transparency.
Please contact us if you were unfortunate enough to have transferred into a Panthera QROPS Singapore scheme and we can discuss the options available.
However, don’t worry, British expats in Singapore can still take advantage of QROPS Singapore by transferring into a scheme in Malta. This will allow UK expats to avoid UK taxes on their pension. When it comes time to draw a pension, they can have this money paid directly into a Singapore bank account or an offshore account where they can use their ATM card to access their monies.
Malta is a former British colony, but it is now a republic and a member of the European Union. It has over 60 Double Taxation Agreements with countries around the world including Singapore. This is great as it means if you are unsure if you are going to retire in Singapore or Asia, the Malta QROPS will protect you if you move back to a European country due to the DTA’s signed.
If you have an existing UK pension, we can help you transfer your pension into a QROPS to avoid high tax upon death in the UK (55%) and to avoid UK income taxes (which is as high as 45% in 2012).
Tax on a QROPS Singapore. UK Expat Pensions in Singapore.
What are the benefits of a QROPS Singapore Pension Transfer for British expats?
• Currency choice. You can choose to have your pension transferred to a QROPS denominated in USD, EUR or keep it in GBP. We can even transfer to Singapore Dollars if required although the investment horizon would be more limited.
• 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 Malt which has its own strong financial regulation, butis outside the UK tax net
QROPS Singapore. British Expat Pensions and Tax Avoidance2>
For Brits living in Singpore, minimizing UK tax and maximizing returns is necessary in today’s high tax environment. We also have other structure which may be able to help minimize your tax on property held in the UK. Also, if you are contributing to a UK pension, the limits have fallen drastically. We can help with setting up a QNUPS pension which has no limit on contributions and grows tax-free offshore.
Each QROPS case is different in Singapore and each needs to be looked at in its own merit. It may be the case if you have a good final salary scheme that it is better off left where it is.
Please email us at firstname.lastname@example.org for more information and a free guide including our investment advice for a UK retirement portfolio for 2012.QROPS Singapore by Richard Malpass