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The Malta QROPS Market

The Malta QROPS Market

QROPS pension schemes have been available on the island of Malta since December 2009; so let’s take a look at the benefits of these offshore pensions and how they can benefit you.

The Benefits of Malta QROPS

Malta QROPS are open to anyone who has UK pension rights wherever they may live.

Malta is a full member of the European Union unlike some other offshore centres and also is part of the Eurozone which offers some protection against the frustratingly ever changing UK rules and gives Malta schemes a length of service that other jurisdictions don’t have.

Each individual Malta scheme is managed by trustees who decide on terms and conditions of their specific pension ensuring of course that each is within the framework provided by HMRC. This means that the administration varies from one scheme to another.

For example, there may be one that allows a 20% tax-free lump sum drawdown while another one might consider 25%.

Malta also offers a broad scope of appealing tax advantages compared to other jurisdictions.

For non-residents, the island has benefits such as:

  • No inheritance tax
  • No income tax on pension income
  • No capital gains tax on pension fund gains
  • No income tax on pension cash lump sums

It is important to remember however that any pension fund benefits may well be subject to tax in the country that you actually live in.

Malta has 50 plus and rising double taxation and tax information exchange treaties with other countries which makes it unique in this area.

As with any investments, it is vital that you get the right advice from a professional financial advisor to ensure that you are making the most from your money. If you would like to talk to one of our consultants regarding QROPS in Malta, please get in touch.

Read our QROPS FAQs

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