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A growing number of savvy expats are moving their pensions offshore to take advantage of tax breaks enabled by UK legislation.
According to the Telegraph, the Qualifying Registered Overseas Pension Scheme, introduced in 2006, is helping many expats living overseas avoid tax responsibilities on their pension contribution.
The scheme is available in a growing number of UK territories and in countries which have a double taxation agreement with the UK, with Australia, New Zealand and Holland among those to offer the incentive.
For those looking to escape the tax burden of their native country, Shelter Offshore has urged potential expats to take into other factors other than financial consideration when choosing their desired country.
In this regard, factors such as quality of education and healthcare may be particularly important, while those looking to ensure they have access to the highest standards of care wherever they move to may wish to take out an international health insurance policy.
Moving abroad? Get a free quote for your international medical insurance online.
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Expatriate Group & Expatriate Healthcare are trading styles of Strategic Insurance Services Limited who is authorised and regulated by the Financial Conduct Authority (FCA). FCA Firm reference Number is 307133. Strategic Insurance Services Limited is authorised to carry on Regulated Activities in accordance with the permissions granted by the FCA under PART IV of the Financial Services and Markets ACT 2000.