UK expats working in Shanghai can also benefit greatly from their offshore status simply by transferring their pension to an offshore account which will eliminate the need to pay UK taxes on their pension if they stay offshore. Transferring funds is a perfectly legal way for workers to avoid paying taxes and retain more of their income.
Recent studies indicate that more than 36,000 Brits live in China and at the moment the number is growing rapidly as more and more people take advantage of China’s growing economy. Many industry professionals believe China is destined to be the world’s largest economy by 2020 and since its financial centre in Shanghai it attracts Brits in almost every profession.
One of the primary motivators for UK expats to transfer funds is of course to avoid the UK income tax but there are other benefits as well. Transferring funds can help avoid steep UK dividends tax, UK capital gains tax and avoid fifty-five percent tax upon death whilst in drawdown in the UK.
Another awesome benefit QROPS Specialists can offer clients is currency choice as clients can choose to have their pension transferred to a QROPS account which is denominated in USD, EUR or keep it in GBP. It is up to the client to decide how to save the money.
In the event of the death of the account holder, family protection is assured with a QROPS account as the entire pension pot gets passed on to the family without a lot of legal issues getting in the way of the transfer. The pension is held in a secure jurisdiction such as Malta which was formerly under the protection of the British Crown, but has its own strong financial regulations which are tax efficient and reliable.
QROPS Specialists provide a comprehensive service for clients wishing to transfer their UK pension to a Qualifying Recognised Overseas Pension Scheme (QROPS). Our advisers will make sure you receive clear, concise advice so that you can make an informed decision about whether to transfer your hard earned pension into a QROPS. It is our job to simplify the process for you.
24 Sukhumvit 21
Bangkok 10110, Thailand
Phone: +66 (0)2 661 7884
Fax: +66 (0)2 661 7885