A QROPS (Qualifying Recognised Overseas Pension Scheme) is an overseas pension scheme, recognised by HMRC that meet certain conditions and standards equivalent to a UK pension. Therefore any UK pension can be readily transferred to an overseas scheme, provided that the overseas scheme is registered with HMRC as a QROPS. The rising profile of QROPS is a consequence of the new UK pension rules introduced by HMRC on 6th April 2006. The scheme must also meet the requirements of the jurisdiction in which it is domiciled.
Is a QROPS suitable for me?
This pension scheme is only suitable to you if you have left the UK, plan to leave, or are a resident but not UK domiciled. Obtaining advice is vital to ensure you do not face disciplinary tax charges.
M1 Malaysia recommends Malta Gibraltar and the Isle of Man as the best jurisdictions on the HMRC’s QROPS list.