QROPS Yemen Pension Transfer for British Expats to Avoid Paying Taxes
Bangkok, Thailand -- (SBWIRE) -- 10/18/2013 -- British expats living in Yemen or wishing to retire in Yemen or abroad can now transfer their pension into a QROPS Yemen to maximize pension tax relief. British expats living or working in Yemen can take advantage of their offshore status and transfer their UK pension offshore to somewhere secure like the Gibraltar and will no longer have to pay UK taxes on their pension if they stay offshore. Any Yemenis who have worked in the UK can also move to a QROPS
Yemen to avoid UK taxes if they have a substantial pension they have built up by working in the UK.
Yemen is one of the poorest and least developed countries in the Arab World, with a 14.6% unemployment rate, dwindling natural resources, a young population and increasing population growth. Yemen’s economy is weak compared to most countries in the Middle-East, mainly because Yemen has very small oil reserves.
Yemen’s economy depends heavily on the oil it produces and its government receives the vast majority of its revenue from oil taxes. But Yemen’s oil reserves are expected to be depleted by 2017, possibly bringing on economic collapse. Yemen does have large proven reserves of natural gas. Yemen’s first liquified natural gas (LNG) plant began production in October 2009.
Why live and retire in Yemen as a British expat?
Over 3,400 Brits live and work in Yemen, of which 3,386 are pensioners. For the Brits living in Yemen, you can take advantage of your offshore address to reduce UK tax on your pension as well as protect your wife and children from high UK taxation should anything happen to you. In the UK there is 55% tax upon death, but you can avoid this with a transfer to Gibraltar.
How Does a QROPS Pension Transfer to Yemen Work?
There are no QROPS in Yemen. You need to transfer to a QROPS in Gibraltar. Your pension gets transferred in cash to the trustees in Gibraltar who look after your pension. They use actuaries to calculate your pension income when it comes time to draw your income. But, the monies are normally invested in the Isle of Man with large companies such as Friends Provident, Generali or Royal Skandia. These companies simply hold your money and perform the day to day administrative chores as well as buy/sell funds and shares for you. Through a QROPS, you can invest in almost anything such as individual shares, ETF’s, mutual funds, bond funds and hedge funds to try to maximise the growth of your pension.
A pension transfer to a QROPS Yemen will help you avoid UK taxes. Even if you don’t retire in Yemen, as long as you retire outside the UK, you can take adavantage of your Yemeni address to transfer to a QROPS Yemen.
About QROPS Specialists
QROPS Specialists provide a comprehensive service for clients wishing to transfer their UK pension to a Qualifying Recognised Overseas Pension Scheme (QROPS).
We provide independent and fiduciary advice to our clients. We aren’t tied to any one pension company or provider, so we can genuinely find the best scheme to suit your preferences. QROPS specialists are experts in the field and will bring you constant news and updates concerning UK pension transfers abroad.
For enquiries, please send email to firstname.lastname@example.org
Prime Buliding, 24 Sukhumvit 21, Klongtoey, Wattana, Bangkok 10110, Thailand
PH: +66 (0)2 661 7884 (please ask for Richard)
F: +66 (0)2 661 7885