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Malta meets the HMRC regulations for a UK Qualifying Recognised Overseas Pension Scheme (QROPS). This allows people who are no longer resident in the UK to transfer pension benefits accumulated in a UK recognised pension scheme to a recognised pension scheme in Malta (hence taxable at Malta’s beneficial tax rates – see below).
In April, HMRC implemented new tax legislation that resulted in 300 Guernsey QROPS being removed from its list of approved schemes. This has resulted in 90% of Guernsey’s schemes planning to establish themselves in Malta in the wake of HMRC’s rules. Reasons for this:
However, high-net-worth individuals (deriving pension income) can pay as little as a flat rate of 15% under certain circumstances.
For any queries about the aforementioned issue, kindly contact Mr Joseph Gauci (Managing Partner) at: email@example.com or Mr Benjamin Griscti (Senior Advisor) at:firstname.lastname@example.org