Being a tax haven, QROPS Dubai is the answer for expatriates to enjoy the tax free benefits on their pension. Dubai, known for its oil and wealth, is now also a major financial and tourism center. With all the duty free shopping and a five star lifestyle, it has become a major destination for many expats, especially the British. QROPS Dubai is less complicated and hassle-free, unlike QROPS in some of the other countries like Spain, France etc....more
Over and over again, the Qualifying Non UK Pension Scheme, better known as the QNUPS is referred to as one of the most efficient tax-saving offshore pension schemes. Introduced in February, 2010, the QNUPS was declared to be exempted from the UK Inheritance Tax. Moreover, unlike the QROPS, it is free from the rigors of the DTA or the Double Taxation Agreement. Hence, when you opt for the QNUPS, you are not supposed to report any dealing with the...more
The QNUPS (Qualified Non UK Pension Schemes) were initiated by the government of United Kingdom on February 15, 2010. They have formulated a pension plan or retirement plan where you can put in your entire wealth. The schemes validate that definite pension systems are out of the UK Inheritance Tax web. Once you have relocated your belongings to the QNUPS, the assets are excused from the IHT, irrespective of your residential position. The other advantages you get are:It helps you evade the local wealth tax.It lets you keep away from local succession laws and succession taxes. Thus, when you die, you can leave your property to any successor you wish without the danger of losing much in the system of taxation.Some of the benefits of this retirement policy in relation to IHT evasion are discussed here. There is no upper limit as far as keeping your assets in the QNUPS is concerned. There is no age bar imposed on the contributors. You can start contributing while you are still working. You can go on adding to your scheme as long as you wish to. You qualify for it even if your income is not brought in by you through your job; you can make your investment from possessions you have...more
Planning an offshore retirement has been made easy with QNUPS. For anyone with a UK pension, retiring overseas has been more of a headache with the host of UK tax regulations. Even with the protection offered by schemes like QROPS, the assets of the expats domiciled in UK were subject to the UK inheritance tax. QNUPS or Qualifying Non UK Pension...more
The reason for the launch of QNUPS in February 2010 is due to failure of the taxman in the previous legislation, QROPS, which failed to provide guidelines about the UK IHT or Inheritance Tax exemption. Initially, when the UK government launched the legislative framework for pension simplification, which came in 2006, they failed to notice that...more
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