Saturday, 2 October 2010

Isle of Man QROPS

My attention has been drawn to an article in a Spanish newspaper which specifically talks of the popularity of QROPS from Isle of Man.

  • Did you get the right advice?

  • Great offshore centre

  • Isle of Man QROPS – not in Spain

The Isle of Man is a stable place for financial planning because it is a low tax environment, has expertise in tax planning and is mainly served by UK trained advisers, lawyers and accountants.

For Spanish residents and people planning to live in Spain, the Isle of Man is not a good place for your QROPS. The Isle of Man does not have a Double Taxation Treaty with Spain. This means that tax collected in the Isle of Man cannot be offset in Spain or claimed back. In a worse case scenario, the tax could be levied twice.

However, I am aware that there are British and Irish citizens who are resident in Spain who have been mislead and potentially mis-sold Isle of Man QROPS. If you think that is you please contact me. I have a means of correcting your position, please email me.

It is the policy of the Isle of Man to apply a withholding tax from pension income including QROPS made by non-Isle of man residents. The Isle of Man is a good jurisdiction, for residents in a country that has a Double Taxation Treaty such as Norway, Sweden or Finland.

Do not fall into this trap. To be recommended to an adviser who knows these rules very well, please email me.

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I have a great deal of respect for the Isle of Man but your adviser may have been unaware of the tax position in respect of QROPS. They may not have given you any tax advice.

There are ways of putting things right.

Email me; I may be able to help