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UK changes in the Pension system mean that as from April, British Pension Holders in Malta will be able to take out as much as they want from their pension after retirement. This is in contrast to just taking out smaller annual withdrawals, as was previously the case.
This will impact directly those with British private and employer pensions in Malta.
This option gives pension holders the opportunity to access more of their pension especially in the event of an emergency.
Since their introduction in 2006, Qualifying Recognised Overseas Pension Schemes (QROPS) have gained popularity especially amongst the British expats who sought to transfer their UK pensions to Malta.
Malta offers British Pension Holders the same opportunity i.e. to withdraw from their fund as much as they like.
QROPS holders are subject to highly beneficial progressive tax rates and would be only liable to Maltese tax on income which is brought into Malta. Therefore, any income not brought into Malta or any capital gains (irrespective if brought in Malta or not) is not subject to any taxation in Malta.
For more information about this scheme kindly contact our Tax Manager Benjamin Griscti on firstname.lastname@example.org.
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